Pulte Homes swings to quarterly loss, revenue falls

KatherineHunt

SAN FRANCISCO (MarketWatch) - Pulte Homes Inc.
PHM, +0.61%
late Wednesday reported a first-quarter net loss of $85.7 million, or 33 cents a share. During the same period a year ago, the Bloomfield, Mich.-based home builder posted net earnings of $262.6 million, or $1.01 a share. Revenue in the three months ended March 31 fell to $1.87 billion from $2.96 billion. Analysts polled by Thomson Financial were expecting, on average, a per-share loss of 37 cents on revenue of $1.72 billion. Net new home orders for the quarter totaled 8,499 homes, valued at $2.9 billion, down 21% from last year, the company said. The backlog as of March 31 was valued at $4.7 billion, or 13,334 homes, compared with a value of $7.1 billion, 19,940 homes, a year ago. Additionally, Pulte Homes said it expects second-quarter per-share results to range from breakeven to a loss of 10 cents, exclusive of any additional land-related charges.

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